Q-FREE - CLOSING OF SECURITY DIVISION DIVESTMEMT
Norway 6 February 2017
Reference is made to the Stock Exchange Announcement on 30 January 2017, where Q-Free informed that it had signed an agreement to sell all assets related to its security business Prometheus Security Group Inc. (“PSG”) at a net consideration of NOK 10 million.
The announced transaction has now been closed, and all contracts, employees, and other assets have been transferred to the new owner. PSG will be excluded from Q-Free Group’s operating results with effect from fourth quarter 2016 and be reported as “discontinued operations”.
In 2016 PSG had revenues of NOK ~45 million and negative EBIT of NOK ~3.5 million. The numbers for 2015 were NOK 36 million in revenues and negative EBIT of NOK 10 million. Q-Free's intangible assets will be written down by NOK 27 million per the end of 2016.
- As previously communicated, the security division was not a part of Q-Free’s core business going forward. Moreover, significant investments would have been required to maintain a competitive security solutions offering. Therefore, we are pleased that the transaction is already concluded. We can now move forward and invest our time and money into building leading positions in our prioritized segments, which are tolling, parking, infomobility and urban/inter-urban traffic management, comments Q-Free’s CEO, Håkon Volldal.
For further information, please contact:
President & CEO, Håkon Volldal: +47 977 19 973
CFO, Roar Østbø: +47 932 45 175
Q-Free is a leading global supplier of ITS (Intelligent Transportation Systems) products and solutions. The company has approximately 450 employees, offices in 20 countries, and presence on all continents. Headquartered in Trondheim, Norway, Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.